The Taxation of Trusts: A Review HM Revenue & Customs launches a new consultation Following the Office of Tax Simplification’s recent review of inheritance tax (see article here), HM Revenue & Customs (‘HMRC’) has launched a consultation in line with the government’s commitment at Autumn Budget 2017 to make the taxation of trusts simpler, fairer…
The issues raised by separation and divorce are momentous, and lifelong – particularly those relating to finance.
The Court may make orders relating to capital assets, which involve their transfer or sale, and cannot usually be revisited in the future. It may also make income orders (“maintenance”) which can last for a specific period or during the joint lives of the parties. Income orders may be revisited.
The broad approach taken by the Courts is well established, but it is an ever changing area, and the relevance of different factors can differ substantially from case to case depending on the different circumstances, particularly where assets exceed the needs of the separated parties and those of minor children. There is no substitute for an up to the minute knowledge (which we always have) of case law, and of the development in judicial thinking.
We always hope cases may be settled by consent – many are – to avoid the cost to you (not just in money, but also emotion) of a final Court hearing. Matters settled by negotiation, mediation, collaborative law or arbitration, still result in a Court Order (and therefore have the force of law). We can advise on all these aspects.
Whatever method you choose to resolve your financial arrangements, the starting point of any discussion is always full and frank financial disclosure by both parties. This is usually done by each party completing a comprehensive form setting out what their respective assets, income and liabilities are and we can complete these with you using specialist software to make this process as straightforward as possible.